Swiss National Bank Portfolio holdings
The Swiss National Bank (SNB), founded in 1907 and headquartered in Zurich with an office in Bern, is Switzerland’s central bank, responsible for conducting monetary policy, issuing the Swiss franc, and ensuring price stability, while uniquely managing a massive investment portfolio. Unlike most central banks, the SNB is a joint-stock company with shares traded on the SIX Swiss Exchange, owned roughly 55% by public entities like cantons and 45% by private investors, yet it operates independently under federal oversight. It holds over $800 billion in foreign currency reserves as of late 2024—invested in global equities, bonds, and gold—to manage the franc’s value, famously intervening in markets to prevent excessive appreciation, as seen with the 2015 abandonment of the euro peg. Led by Chairman Thomas Jordan until his planned exit in September 2024, the SNB balances its dual role as a monetary authority and a significant global investor, influencing both Swiss and international financial stability.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Synopsys
SNPS
|
+$37.5M |
| 2 |
SoFi Technologies
SOFI
|
+$28.4M |
| 3 |
Rocket Lab Corp
RKLB
|
+$22.8M |
| 4 |
Affirm
AFRM
|
+$22.2M |
| 5 |
Tapestry
TPR
|
+$21.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$615M |
| 2 |
Apple
AAPL
|
+$547M |
| 3 |
Microsoft
MSFT
|
+$522M |
| 4 |
Amazon
AMZN
|
+$310M |
| 5 |
Meta Platforms (Facebook)
META
|
+$277M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 36.17% |
| 2 | Consumer Discretionary | 11.83% |
| 3 | Communication Services | 10.74% |
| 4 | Healthcare | 9.6% |
| 5 | Industrials | 9.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
HCA Healthcare
HCA
$89.1B
| $222M | 0.13% |
520,100
-38,800
| -7% | -$15M |
|
127
Equinix
EQIX
$102B
| $221M | 0.13% |
282,003
-14,100
| -5% | -$11M |
|
128
Motorola Solutions
MSI
$77.3B
| $220M | 0.13% |
481,143
-24,100
| -5% | -$10.9M |
|
129
Howmet Aerospace
HWM
$112B
| $217M | 0.13% |
1,105,484
-59,300
| -5% | -$10.8M |
|
130
Cintas
CTAS
$82.1B
| $215M | 0.12% |
1,047,600
-52,500
| -5% | -$11.2M |
|
131
TransDigm Group
TDG
$68.7B
| $213M | 0.12% |
161,900
-7,800
| -5% | -$11.2M |
|
132
Emerson Electric
EMR
$91.7B
| $213M | 0.12% |
1,621,400
-85,600
| -5% | -$11.7M |
|
133
Pinduoduo
PDD
$129B
| $212M | 0.12% |
1,600,444
+26,600
| +2% | +$3.15M |
|
134
Aon
AON
$75.6B
| $211M | 0.12% |
591,300
+2,900
| +0.5% | +$1.05M |
|
135
Elevance Health
ELV
$84.7B
| $210M | 0.12% |
651,300
-34,000
| -5% | -$10.6M |
|
136
Illinois Tool Works
ITW
$83.5B
| $209M | 0.12% |
802,400
-41,600
| -5% | -$10.8M |
|
137
Marvell Technology
MRVL
$191B
| $209M | 0.12% |
2,485,303
-136,300
| -5% | -$10M |
|
138
Johnson Controls International
JCI
$93.7B
| $209M | 0.12% |
1,896,981
-101,400
| -5% | -$10.8M |
|
139
AutoZone
AZO
$49.7B
| $207M | 0.12% |
48,200
-2,500
| -5% | -$10M |
|
140
Snowflake
SNOW
$116B
| $206M | 0.12% |
913,700
-47,100
| -5% | -$10.1M |
|
|
FISV
141
Fiserv Inc
FISV
$28B
| $206M | 0.12% |
1,598,186
-92,700
| -5% | -$13.3M |
|
142
Sea Limited
SE
$80.5B
| $204M | 0.12% |
1,143,500
-62,700
| -5% | -$10.7M |
|
143
Ecolab
ECL
$79.8B
| $201M | 0.12% |
735,594
-37,100
| -5% | -$10.1M |
|
144
Canadian Pacific Kansas City
CP
$80.8B
| $198M | 0.11% |
2,650,993
-176,000
| -6% | -$13.4M |
|
145
Autodesk
ADSK
$53.1B
| $196M | 0.11% |
616,900
-27,900
| -4% | -$8.5M |
|
146
Norfolk Southern
NSC
$75.2B
| $195M | 0.11% |
649,900
-34,800
| -5% | -$9.67M |
|
147
Canadian Natural Resources
CNQ
$98.1B
| $193M | 0.11% |
6,022,562
-356,900
| -6% | -$11.2M |
|
148
Corning
GLW
$137B
| $192M | 0.11% |
2,345,400
-118,500
| -5% | -$7.74M |
|
149
CSX Corp
CSX
$92.5B
| $192M | 0.11% |
5,415,000
-320,200
| -6% | -$10.9M |
|
150
Cloudflare
NET
$109B
| $192M | 0.11% |
895,200
-39,400
| -4% | -$8.04M |
|
Similar funds
Swiss National Bank's Q3 2025 Portfolio in Review
As of Q3 2025, Swiss National Bank held 2,371 positions worth $172B, up 3.2% from $167B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Swiss National Bank withdrew a net $7.69B in Q3 2025, closing 56 positions and reducing 729 holdings. Its most notable exit was Hess, an estimated $123M position sold in full.
By sector, the portfolio is most concentrated in Technology at 36% of assets, up from 35% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Swiss National Bank opened a new position in Paramount Skydance Corp worth $11.7M.
- Swiss National Bank's largest Q3 2025 buy was Paramount Skydance Corp: 619,202 shares worth $11.7M.
- Swiss National Bank added most to Synopsys in Q3 2025, an estimated $37.5M increase.
- Swiss National Bank's biggest Q3 2025 reduction was NVIDIA, cutting an estimated $615M.
- Swiss National Bank fully exited Hess in Q3 2025, selling an estimated $123M.
- Swiss National Bank's ten largest holdings make up 36% of its $172B portfolio in Q3 2025.
- Swiss National Bank opened 39 new positions and closed 56 in Q3 2025.
- Swiss National Bank's portfolio value rose 3.2% quarter-over-quarter to $172B.
Based on Swiss National Bank's 13F filing for Q3 2025, filed 13 Nov 2025.